The leader of a cryptocurrency scheme that swindled over $30 million from investors has pleaded guilty to fraud, the U.S. Department of Justice (DOJ) said. He now faces a maximum sentence of 20 years in prison.

Leader of $30M Crypto Scheme Pleads Guilty to Fraud

The U.S. Department of Justice (DOJ) announced Wednesday that Michael Ackerman has pleaded guilty to wire fraud. The Justice Department described that Ackerman is the leader of a “fake cryptocurrency investment scheme.” He “orchestrated a multimillion-dollar cryptocurrency investment scheme” and “admitted to causing victim losses of more than $30 million.” The DOJ elaborated:

Ackerman, 52, of Sheffield Lake, Ohio, pled guilty today to one count of wire fraud, which carries a maximum sentence of 20 years in prison.

According to court filings, in or around 2017, Ackerman and others started a purported cryptocurrency investment fund and recruited hundreds of investors. “The fund was an investment club that allowed its members to contribute U.S. dollars,…

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